GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to present its investor presentation.

A New Mine in a New Mineral Province in WA

  • One of the worlds largest and cleanest undeveloped lead deposits
  • Abra is located within Edmund sedimentary basin in the Gascoyne region of WA (approximately 110km NW of Sandfire Resources’ DeGrussa Mine)
  • On a granted Mining Lease with all major permits and native title arrangements in place
  • Accessed by existing roads
  • High-grade lead-silver concentrate will be trucked to Port of Geraldton in sealed half-height containers
  • Port of Geraldton capacity & access contract in place. Port has all permits and infrastructure required to handle Abra’s product (it currently handles similar product for other producers)
Updated Mine Plan & 2023 Production Guidance1
  • Abra Project construction is now 75% complete
  • Galena confirms first concentrate production remains on-target for Q1 2023 and provides initial production target for CY2023 and an Updated Mine Plan1

Equity Raising Overview1

Use of Proceeds

  • Placement proceeds will be used to fund Galena’s 60% of a temporary A$30M Unsecured Reserve Facility (URF) for Abra (Toho will contribute their 40%)
  • URF will be made available during the critical commissioning and initial ramp-up of the Abra mine up until project completion tests under the Taurus Debt Facilities are met (anticipated 2H CY2023)
  • Provides a working capital and cost ‘buffer’ for Abra to draw in the event of unforeseen circumstances and costs such as weather-related road or port closures or other events
  • Undrawn amounts will be immediately returned to Galena and Toho whilst any drawn amounts become unsecured shareholder loans to Abra

Click here for the full ASX Release

This article includes content from GALENA MINING LTD., licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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